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Even leveraged deals still being underwritten, though banks are selective
Liquidity event at American manager comes at fraught time for industry
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
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Star Energy is borrowing $1.9bn via two facilities for its acquisition of Chevron’s assets in Indonesia, as strong early interest from banks revealed plenty of available liquidity for M&A into the country. Loans bankers expect more action from the export-oriented nation, following the recovery in commodity prices. Shruti Chaturvedi reports. -
GlobalCapital revealed the winners of its Syndicated Loan, Leveraged Finance and Private Placement Awards 2016 at its 14th Annual Loans Dinner on February 8.
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Stone Canyon Industries, the US investment firm, has agreed to buy Mauser for $2.3bn after the German packaging supplier forewent a proposed initial public offering.
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Pricing in the European leveraged loan market is “in freefall”, according to one head of leveraged finance.
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The Business Growth Fund has teamed up with First Derivatives to invest in early stage technology companies in the UK, a sector the country's chancellor cited in the autumn budget as requiring extra funding.
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The sheer amount of excess liquidity in the leveraged finance market in Europe has initiated a relentless repricing wave. And on Tuesday, the head of leveraged finance at a bank in London went as far as to say that the supply/demand imbalance was so extreme it threatened medium term market stability.
